Exploiting The Human Factor: Social Engineering Attacks On Cryptocurrency Users
Social engineering is one of the preferred techniques used by criminals to obtain unauthorized access to info and details systems. One purpose for the attackers’ good results is a lack of knowledge about dangers and security among cryptocurrency customers. Social engineering targets particularly the customers of a method. With the exploitation of principles such as "Distraction", "Authority", and "Commitment, Reciprocation & Consistency" the attackers gained access to users’ financial values, stored in cryptocurrencies, with no undermining the safety capabilities of the blockchain itself. The paper appears at five situations of cryptocurrency frauds that left a lasting impression in the cryptocurrency community. Efforts to boost the facts security awareness of cryptocurrency and blockchain customers is recommended to shield them. The paper analyses which psychological tricks or compliance principles have been made use of by the social engineers in these circumstances. It is increasingly becoming applied to cryptocurrency users. The cases are systematically investigated using an ontological model for social engineering attacks.
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